Kota Kinabalu, Sunday, 2 April 2023
The Sabah business community should not be unduly worried that none of the 19 MoUs (Memoranda of Understanding) signed at Beijing yesterday in conjunction with the visit of the Prime Minister to China involved any Sabah company or investments in Sabah.
This is because Sabah has already been receiving a healthy stream of Foreign Direct Investments (FDIs), including from China and Korea. The China investments in Sabah, such as the Kibin Solar New Materials for solar glass manufacturing is a quality investment that provides quality jobs and multiplier effects to the Sabah domestic economy.
POIC Sabah itself has seen a strong upsurge in investments in palm oil downstream processing, investments in green energy from biomass, logistics companies setting up at POIC and increased freight cargo at POIC ports, including collaboration with the China Shandong ports and Korean ports.
This was especially so after the launch of the POIC ports by Sabah Chief Minister, Datuk Seri Hj. Hajiji Bin Hj. Noor, last year. Investors interests at POIC Lahad Datu have also surged when the Sabah Chief Minister announced the Free Zone Initiative on September 5 last year.
As reported in the media, over the last two years of Sabah Maju Jaya plan, foreign investments at KKIP and SOGIP and in the agro-fisheries industry have also been coming on stream.
In the coming months, it is expected that Sabah-China trade and tourist arrivals will see an upward trend.
The latest reaffirmation of the close ties between Malaysia and China that have been built up over 50 years will enhance mutual confidence among the Sabah business community and China’s investors in Sabah.
Datuk Yong Teck Lee
POIC Group Chairman